Qualcomm handily beats Street, shares rise

Qualcomm Inc's quarterly profit easily beat Wall Street forecasts and the wireless chip leader raised its full-year financial targets due to growing demand for smartphones such as Apple Inc's popular iPhone.

Shares in the biggest supplier of cellphone chips rose 5 percent after the company also said it has been winning business from rivals and is benefiting from growing demand for smartphones in emerging markets such as China.

Qualcomm, widely known as the main wireless chip supplier for the latest iPhone, was helped by the launch of the blockbuster device late last year, analysts said.

"It's a very strong result. The move to smartphones in the emerging markets in the success of the iPhone is driving its earnings higher," Canaccord Genuity analyst Mike Walkley said.

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- Posted: 2012-02-01 21:24:47

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